(Bloomberg) -- Nano-cap Immuron Ltd. saw shares surge more than ten-fold on Tuesday afternoon as euphoria for retail traders took to the biopharmaceutical industry.
The Australia-based company, which was valued at roughly $9 million coming into Tuesday's session, saw its American depository receipts change hands at a record clip as retail investors cheered and Twitter users were left confused. More than 74 million shares were traded Tuesday which compares to a one-year average volume of less than 100 thousand.
The biopharmaceutical company disclosed earlier that the Naval Medical Research Center, its partner, requested a regulatory meeting with the U.S. Food and Drug Administration so it could test its drug for the prevention of acute infectious diarrhea. The pair will plan to start a pair of mid-stage trials sometime in the first half of next year if all goes well with regulators.
Read more: Hundreds of Thousands of Tiny Buyers Swarm to Insolvency Stocks
Tuesday's 850% gain marked the firm's best single session since going public in 2017 and is an all-time high.
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